CYPRUS: Building permits rise by 5% in Q1 2019

Building permits issued in Cyprus in the first three month to March increased by an annual 5.01% reaching 1,591 from 1,515 in the same quarter of last year, the Cyprus Statistical Service said.

The value of the permits issued in the first quarter of 2019 increased by an annual 13% amounting to Euros 464.4 mln from Euros 410.3 mln in January March of 2018.

The total area covered by the permits also increased by 13% reaching 427,005 square metres in Q1 2019 compared to 378,933 sqm in the same period last year.

In March alone, building permits declined marginally to 522 from 531 in March 2018, it was the third consecutive reduction this year.

Building permits are a good indication of the future activity of the construction industry.

Source: The Financial Mirror